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DPM - Solid 9M on aggressive cost-cutting; urea price to recover - Earnings Flash

DPM posted official 9M 2018 results, with net revenue increasing 7.9% to VND7tn (USD303mn) and NPAT-MI declining 6.9% to VND551bn (USD24mn). The NPAT-MI drop was due to a 27.7% jump in input gas costs, which outweighed an 8.6% rise in urea price and flat sales volume. 9M NPAT-MI completed 99.8% of our full-year forecast and beat our expectation mainly thanks to 1) aggressive cost-cutting and lower-than-expected expenses from new NPK/NH3 plants and 2) a slightly higher-than-expected urea price (